Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#45 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #45 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.2%)
Founded / domicile
VG
Noon YBS Issuer Ltd, a British Virgin Islands company, issues USN, a USD-pegged stablecoin. sUSN, its yield-bearing staked version, is offered through a staking platform run by an affiliate. The USD-denominated reserve behind USN is deployed across income-generating strategies. Private credit is the largest allocation, alongside delta-neutral funding rate arbitrage, DeFi lending, CLOs and tokenized treasury bills.
USN is Noon's only stablecoin. Wrapped stablecoins (sUSN) are listed but not counted twice in any total.
USN's supply, counted once across its chains.
Supply of every coin Noon issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$38.1M
Read on 3 chains, all in the total
Ethereum98%$37.4M
Starknet2%$681.9K
zkSync<1%$5.2KIn DIA's latest read, USN sits 12 bps below its USD peg. USN's typical daily move over the last 90 days was 4.2 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Reserve ratio is collateral read on chain, over the liability it backs. A fully reserved stablecoin sits at 1.00x; overcollateralised protocols sit well above it. A stablecoin with no ratio shown is one DIA does not measure yet.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Reserve ratio | Attestation |
|---|---|---|---|---|---|
| −12 bps (−0.12%) | 4.2 bps | +35 bps (+0.35%) | 1.01xAccountable proof of reserves (noon.accountable.capital), read 2026-11-02; 65% of reserves (Fasanara) from a report dated 2026-10-26 | Continuous proof of reserves |
$2.5K supplied to 1 lending market on 1 protocol. That is <0.1% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Noon coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Noon issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
$2K
supplied to 1 lending market on 1 protocol
100%$2KEthereumUSN$2KEthereumin 1 lending market100%$2KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
<0.1%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.2%)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
